A numerically controlled milling machine was purchased for $95,000. The estimated salvage value was $15,000 after 15 years. (a) What is the machine's book value after 5 years using 7 year MACRS depreciation? (b) If you sold the mill early at year 6 for $20,000 did you make a profit or a loss? a. (a) $21,194.50 (b) profit of $7230 b. (a) $29,678 (b) loss of $9,678 c. (a) $12,721 (b) profit of $15,763 d. None of the above *

A numerically controlled milling machine was purchased for $95,000. The estimated salvage value was $15,000 after 15 years. (a) What is the machine's book value after 5 years using 7 year MACRS depreciation? (b) If you sold the mill early at year 6 for $20,000 did you make a profit or a loss? a. (a) $21,194.50 (b) profit of $7230 b. (a) $29,678 (b) loss of $9,678 c. (a) $12,721 (b) profit of $15,763 d. None of the above *

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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